Sullivan v. Jackson Building & Loan Ass'n
Mississippi Supreme Court
From the chancery court of the first district of Hinds-county. Hon. H. 0. Conn, Chancellor. Appeal from a decree sustaining a demurrer to a bill. Appellant, Daniel Sullivan, filed a bill against the Building and Loan Association of Jackson, Miss., seeking relief because of usury, and also praying for an accounting.
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From the chancery court of the first district of Hinds-county. Hon. H. 0. Conn, Chancellor. Appeal from a decree sustaining a demurrer to a bill. Appellant, Daniel Sullivan, filed a bill against the Building and Loan Association of Jackson, Miss., seeking relief because of usury, and also praying for an accounting. The allegations of the bill, briefly stated, are as follows: The appellee was chartered in 1883 as a building and loan association, the powers conferred upon it being those usually belonging to such associations. The charter provided for the issuance of 2,000 shares of stock of…
1Opinion of the Court
"Woods, J.,
delivered the opinion of the court.
The questions involved have been so often and so exhaustively considered by courts of last resort that it appears like beating threshed straw to do more than announce the views of this court.
1. The premium of'$400 represents the discount agreed to be made upon the future and uncertain dividends of appellant’s shares of stock in the association. It is the difference, *100estimated by the association and its borrowing member, between the par value of the member’s shares of stock an,d their present real value. It is the bonus which appellant might…
2Cases cited3 opinions
- Jackson v. CassidyTexas Supreme Court · 1887
- Montgomery Mutual Building & Loan Ass'n v. RobinsonSupreme Court of Alabama · 1881
- Citizens' Mutual Loan & Accumulating Fund Ass'n v. WebsterNew York Supreme Court · 1857
3Cited by6 opinions
- Washington Investment Ass'n v. StanleyOregon Supreme Court · 1901
- Breed v. RuoffAppellate Division of the Supreme Court of the State of New York · 1900
- Goodman v. Durant Building & Loan Ass'nMississippi Supreme Court · 1893
- Kennedy v. PorterMississippi Supreme Court · 1936
- Building & Loan Ass'n v. LeonardMississippi Supreme Court · 1897
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